RPA Final Exam Questions with Answers., Exams of Finance

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RPA Final Exam Questions with Answers.

RPA - ANS technology that enables a robot to execute processes by emulating human interaction with computer applications 3 primary components of RPA - ANS bots, bot manager, workflow design module Attended robots - ANS require a human to initiate the process through some form of trigger, computer is generally unavailable while running Unattended robots - ANS run on schedule in the background without any human interaction Operational implementation risks - ANS insufficient exception handling or inefficient operational delivery from poor bot resource management (ex: too man processes to a single bot) Financial implementation risks - ANS poorly defined requirements leading to financial misstatements, inadequate segregation of duties, automating processes that lead to financial loss Regulatory implementation risks - ANS humans directing bot activities in a fraudulent manner, immaturity of laws regulating RPA Organizational implementation risks - ANS inadequate change management, documentation, or continuity planning, failure to retain human expertise upon RPA use Technology implementation risks - ANS instability of integrating applications and the effect that may have on bot performance, cyber risks, lack of encryption as part of bot design 5 prerequisites for effective bot governance - ANS 1. Identify key stakeholders and proactively seek their input

2. Determine the RPA operating model
3. Conduct and RPA POC and select the RPA tool
4. Perform process discovery
5. Prepare a business case
6. Identify key stakeholders and proactively seek their input (prerequisite) - ANS getting feedback from and involving a number of individuals and business areas (sponsors, IT leaders, RPA leaders, senior mgmt., architects, internal control, internal audit, and external audit)

2. Determine the RPA operating model (prerequisite) - ANS centralized/decentralized/federated, where the implementation will reside, whether citizen development will be allowed
3. Conduct an RPA Proof of Concept (POC) and select the RPA tool (prerequisite) - ANS prove that RPA technology is feasible and valuable solution, ensure you use the best RPA tool for the operating model, conduct a POC with software candidates
4. Perform process discovery (prerequisite) - ANS determine viable automation opportunities, ensures the program won’t stall after the first few processes are deployed (should include technical and financial feasibility)
5. Prepare a business case (prerequisite) - ANS should be informed by an aggregate of NPV for the highest-priority processes, must deliver value Bad RPA candidates - ANS processes that require significant judgment, interact with applications with user interfaces that change, or are immature or unstable 7 key components of RPA governance - ANS 1. Governing bodies
6. Organizational construct
7. Operational life cycle
8. Internal controls
9. Technology governance
10. Performance management
11. Vendor management
12. Governing bodies (component) - ANS identify the governing bodies that will provide oversight of the RPA program (review risks, ensure adequate risk mitigation, confirm automation processes)
13. Organizational construct (component) - ANS clearly define roles for the people accountable for operational delivery, should be a hybrid of IT and business personnel
14. Operational life cycle (component) - ANS define the stages through which ideas must progress
15. internal controls (component) - ANS review existing internal control policies and consolidate risks that have been identified at the program level and at the individual RPA level, create a risk register to detail how each risk is mitigated (should relate to controls embedded in the operational life cycle)
16. Technology governance (component) - ANS update or expand documentation to incorporate RPA, application/credential/user/licensing/continuity/cybersecurity/storage/ coding management

6. Performance management (component) - ANS develop annual budget, value targets, milestone-based plan, key performance indicators (KPIs), and documentation of how these measures will be tracked
7. Vendor management (component) - ANS at least 2 vendors: RPA software company and development partner, must support best practices, communication, and support measures Steps in conducting an RPA Proof of Concept (POC) - ANS 1. Identify 2 or 3 use cases spanning multiple applications with the potential to create significant value
8. Have RPA software vendors come to your organization to support development of pilot processes
9. IT and business function personnel evaluate RPA tools based on assigned scores and weights 6 stages in the automation cycle - ANS 1. RPA preparation
10. Solution design
11. Build an RPA solution
12. Test the RPA solution
13. Stabilizing RPA
14. Constant improvement Step 1: RPA preparation - ANS business manager - department and process identification, opportunity assessment, planning and communication Business leader - go-ahead decision Step 2: solution design - ANS business manager - process documentation and sign off, test scenario Solution architect - process and robot architecture IT department - infrastructure review, test environment ready RPA developer - create "Solution Design Doc" Step 3: building an RPA solution - ANS RPA developer - process automation and testing Business & IT - preparing test data Business manager - process architecture IT department - prepare UAT environment Step 4: testing the RPA solution - ANS business & RPA support - perform UAT RPA developer - bug fix Business manager - test result recording, preparing sign-off for production Step 5: stabilize RPA - ANS IT & RPA developer & solution architect: move to production RPA developer & business manager & business: training and user manuals RPA support - production monitoring

Business manager & Coe - measuring results, document learnings Step 6: constant improvement - ANS business manager & business - performance assessment, benefits tracking, change management, process architecture IT department - prepare UAT environment Process performance assessment - ANS monitor the performance of the process and measure the results against the established goals (consider number of transactions, average time, robot utilization, reports) Steps to analyze the implementation of automated processes - ANS 1. Goal mapping

2. Accuracy mapping
3. Efficiency mapping
4. Employee satisfaction
5. Compliance check